Sprint Nextel post massive drop in profits

Sprint Nextel post massive drop in profits

Sprint Nextel has posted massive drops in profits in the most recent quarter. The company suffered as they lost customers to rival companies in the US market.

The company said that their quarterly profit fell 77 percent. They have also now withdrawn their 2008 profit growth forecast.

Incidentally, the company is still hunting for a new CEO. Sprint added that they lost around 60,000 subscribers in the third quarter.

The profits were at $64 million down from $279 million in the same period last year. Sprint Nextel said that they are now working hard on launching plans which focus on retaining their existing customers.